Step 3: Gnosis Auction
The most fair way to find the initial settlement price.
The 'Auction & Liquidity' Pool will be used to provide xATS tokens for the Gnosis Auction system (currently developed and specified, see Github). The Gnosis Auction is a way to find a fair price for a token, because everyone can provide a bid at any time and define the price freely (above a minimum price). If there are more bids than the provided token supply, the highest bids will get the tokens and will only pay the lowest full settlement price (= Final Price).
The details for the auction are not yet fully defined and will be released soon. In order to give you a sense of what parameters we will have: